Which of the following statements about Lloyd’s of London is true?

Which of the following statements is true about fraternal insurers?

Sarah owns a property and liability insurance agency. She is authorized to represent several insurance companies and she is compensated by commissions. Sarah’s agency owns the expiration rights to the business she sells. Sarah is a(n)

A shortcoming of state regulation of insurance according to Congressional committees and the General Accounting Office is that state regulation

Why are some mutual insurers referred to as “assessment mutuals”?

Which of the following statements about state insurance guaranty funds is (are) true?I.They limit the amount that policyholders can collect if an insurer becomes insolvent.II.They are usually funded by general revenues of the states.

An insurance company chartered in another country has been licensed to operate in your state. In your state, the insurer would be considered a(n)

The voluntary relinquishment of a legal right is called

What is the practical effect of an insurance contract being a contract of adhesion?

Granite Insurance Company entered into a treaty reinsurance agreement with Rock Solid Reinsurance (RSR). Granite’s retention limit is $400,000 and RSR agreed to provide reinsurance for up to $2.0 million. If Granite writes an $800,000 policy, RSR is responsible for 50 percent of the losses. If Granite insures a $1.6 million risk, RSR is responsible for 25 percent of any losses. What type of reinsurance arrangement did Granite enter into with RSR?